Considering Bankruptcy? Feeling Shackled by Debt?
You have options. Take advantage of our free bankruptcy consultation so that you can make an informed decision.
A Chapter 7 bankruptcy is the type of bankruptcy that often comes to mind when most individuals think of bankruptcy. Chapter 7 is often referred to as a liquidation or complete bankruptcy, because it allows the debtor to completely eliminate unsecured debts. Our bankruptcy attorneys can help you determine if you qualify to file for a Chapter 7 bankruptcy and handle your case for you to produce the best possible outcome.
Instead of eliminating debt, Chapter 13 bankruptcies focus on restructuring your debt into a repayment plan that better fits your budget. Repayment plans last anywhere from three to five years, depending on your income, and can help you avoid foreclosure or repossession of your property. The bankruptcy lawyers at A Bankruptcy Law Firm, LLC, can help you determine if a Chapter 13 bankruptcy is right for you and handle your case if filing makes sense.
Subchapter V is a subsection of Chapter 11 that allows small businesses to file for bankruptcy in a faster and more affordable way. With a Subchapter V bankruptcy, you’re able to discharge debt while maintaining equity in the business. Our bankruptcy attorneys can sit down with you and explore the possibility of filing a Subchapter V bankruptcy for your business if your small business is struggling to pay creditors.
At A Bankruptcy Law Firm, LLC, we understand the stress that begins to build as past due payments on medical bills and credit card statements start to pile up. When creditors begin to garnish wages, levy your bank account, or place a lien against your property, the future may seem bleak. However, our firm of knowledgeable bankruptcy lawyers was founded to give debtors a fresh start and a way to fight back against rude letters, harassing phone calls, and threats of lawsuits regarding bad credit. As specialists in Chapter 7, Chapter 13, and Subchapter V bankruptcies, our lawyers can help you save your home, your car, your business, and more.
Michael Benson is the founding and lead attorney at A Bankruptcy Law Firm, LLC. When you work with Attorney Benson, you’re not just working with a lawyer who understands bankruptcy law – you’re working with a financial professional with in-depth financial and accounting knowledge. Attorney Benson is one of only a handful of bankruptcy attorneys to have passed the Bar exam, CPA exam, and Series 7 exam. This unique background provides Attorney Benson with the ability to both help you file for bankruptcy relief and give you financial guidance to set you on the right path for repairing and rebuilding your finances after your fresh start.
We wholeheartedly believe that knowledge is power, and we want you to have the information you need to be able to make an informed decision about your financial situation. As a result, we’ve compiled a wealth of bankruptcy information across pages and blog posts, which you can find below.
A Bankruptcy Law Firm, LLC isn’t a large churn-and-burn law firm that will treat your case like any other case number on file. We’re a small, but powerful local firm with deep ties to the local St. Louis and Southern Illinois communities. Our firm has several locations conveniently located throughout Southern Illinois and the Greater St. Louis area to serve you. Click to view one of our bankruptcy office locations below. We also offer online video or phone consultations if you can’t make it into an office.
Our Fairview Heights office is located on the East side of the city, right on Lincoln Highway.
Live or work Downtown? Our St. Louis office is located directly in Downtown Saint Louis on Washington Avenue.
Our Bellville office is just 12 minutes West of Downtown Bellville. We’re located right on Main Street at the intersection of North 66th Street.
Our Granite City office is situated 14 minutes Northwest of the city center. We’re located on Crescent Industrial Drive in the village of Pontoon Beach.
Our Marion office is located right on Main Street on the West side of Marion. The office is situated just 3 minutes East of I-57.
Our South County office is located south of Downtown in Mehlville. It’s very accessible and situated right off of both I-55 and I-255.
Our firm doesn’t just serve the cities we have offices in. We serve all of St. Louis, St. Clair, Madison, Clinton, Washington, Jefferson, Monroe, Randolph, Perry, Franklin, Jackson, and Williamson counties.
We offer free bankruptcy consultations, so you’ve got nothing to lose and everything to gain in speaking with a bankruptcy lawyer at no cost. Schedule your free consultation today to explore the possibility of filing for bankruptcy to achieve a fresh start from debt.
Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay debts under the protection of the federal bankruptcy court. There are several types of bankruptcy, but the most common for consumers are Chapter 7 (liquidation) and Chapter 13 (reorganization). Bankruptcy provides relief from overwhelming debt and gives individuals a fresh financial start, subject to certain conditions.
Filing for bankruptcy can offer several key benefits:
Missouri and Illinois follow federal bankruptcy laws, but state-specific exemptions apply, which may protect more of your assets depending on where you live.
You are not required by law to hire a lawyer to file for bankruptcy, but it is highly recommended, especially if you have assets, income above the median, or complex financial issues. Bankruptcy laws are federal but involve state-specific exemptions, and both Missouri and Illinois have different exemption rules that determine what property you can protect.
An experienced bankruptcy attorney can provide invaluable assistance in your case by:
A Bankruptcy Law Firm, LLC offers a free initial consultation, so there is no obligation or cost involved to explore filing for bankruptcy with the help of an attorney.
Yes, married couples in Missouri and Illinois can file jointly for bankruptcy. This is often a good option if both spouses share liability for significant debts. A joint filing allows:
However, a joint filing may not be appropriate if one spouse has little or no debt or significant separate assets. A bankruptcy lawyer can help you determine if it would be better to file separately or jointly.
The qualifications for bankruptcy depend on the chapter you file under. For Chapter 7, you must pass the means test, which compares your income to the median income in your state. If your income is below the median for your household size in Missouri or Illinois, you may qualify. If it’s above, further calculations are required to determine eligibility.
For Chapter 13, there are debt limits that you can’t exceed. You must also have regular income to support a repayment plan.
The automatic stay is a powerful legal protection that goes into effect as soon as you file for bankruptcy. It halts most collection efforts, including:
In both Missouri and Illinois, the automatic stay applies immediately and can give you critical breathing room. However, in some situations, such as multiple prior filings, the stay may be limited or require court approval to extend.
Once you file for bankruptcy, the automatic stay goes into effect. You’ll be protected from most collection efforts. A bankruptcy trustee is appointed to oversee your case. You’ll also attend a 341 meeting of creditors, where you’ll answer questions under oath.
Some of the steps in a case will be largely dependent on the chapter you file. In Chapter 7, nonexempt assets (if any) may be sold to pay creditors. In Chapter 13, a payment plan is proposed and must be approved by the court.
After completing all requirements and courses, you’ll receive a discharge, wiping out qualifying debts.
Whether you should file for a Chapter 7 or a Chapter 13 depends on your income, debt, assets, and financial goals. Chapter 7 is typically best if you have low income or are below the means test threshold, have mostly unsecured debts, and don’t have significant assets at risk under state exemptions.
Chapter 13 may be the better option for you if you want to stop foreclosure or catch up on car or mortgage payments, have non-dischargeable debts (like recent taxes or support obligations), or have assets that would be unprotected in Chapter 7.
Illinois and Missouri have different exemption laws, which could affect which chapter offers more protection for your home, vehicle, or personal property. Our bankruptcy lawyers can help you weigh the pros and cons of each chapter for your unique financial situation during your free consultation.
